EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2025

(11) EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) adjusted for the gain on fair value of warrant liability, if the warrants are in-the-money and the impact is dilutive, by the weighted-average number of common shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive equity-based compensation and warrants.

The details of the earnings per share calculations for the three and six months ended June 30, 2025 and 2024 are as follows:


(In millions, except share and per share amounts)	Three months ended June 30, 2025		Three months ended June 30, 2024		Six months ended June 30, 2025		Six months ended June 30, 2024
Net income (loss)	$	324.2	$	178.1	$	488.7	$	172.2

Weighted-average number of shares outstanding - basic	381,482,996		374,734,093		381,166,015		376,934,638
Dilutive effect of equity-based compensation	8,363,831		9,753,976		8,811,501		10,066,790
Weighted-average number of shares outstanding - diluted	389,846,827		384,488,069		389,977,516		387,001,428

Earnings (loss) per share
Basic	$	0.85	$	0.48	$	1.28	$	0.46
Diluted	$	0.83	$	0.46	$	1.25	$	0.44

The dilutive effect of equity-based compensation awards was 8.4 million and 8.8 million shares, respectively, during the three and six months ended June 30, 2025. Additional equity-based compensation awards of 1.8 million and 1.1 million shares were also outstanding during the three and six months ended June 30, 2025, but were not included in the computation of diluted earnings (loss) per share because the effect would be anti-dilutive.

The dilutive effect of equity-based compensation awards was 9.8 million and 10.1 million shares, respectively, during the three and six months ended June 30, 2024. Additional equity-based compensation awards and warrants were also outstanding during the three and six months ended June 30, 2024, but were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Such anti-dilutive equity-based compensation awards and warrants represented 1.4 million and 4.6 million shares for the three months ended June 30, 2024, respectively, and 1.0 million and 4.5 million shares for the six months ended June 30, 2024, respectively.